New $9 loanDuring the first quarter, BEFORE THE PERKOA FLOOD, Trevali took out a new $9M receivables factoring loan. This happened when zinc was near it's high. It was necessary because of the delays in getting paid caused by Glencore changing the setllement period from one month to four months. This means that this loan is pledged against receivables. It is likely that if Trevali needs more cash they will need to pledge the rest of their receivables to obtain it. Receivables will be dropping sharply now with the lower zinc price and the loss of Perkoa production. TV was already in trouble before the Perkoa incident. EVERYTHING has turned south. Higher TCs, much higher costs(RP costs up by $3M), Caribou a disaster, longer settlement times, lower zinc price, lower lead price, lower silver price. What else could go wrong?